Insurers must contribute more to non-oil sector development in Azerbaijan

Insurance companies must contribute more to the non-oil sector development, Azerbaijani Finance Minister Samir Sharifov said at the fifth Azerbaijan International Insurance Forum in Baku on June 19.

"It is nice to see that the number of the participants is growing," the minister said. "This testifies to the fact that the event becomes an important platform for exchange of views among professional market participants. Azerbaijan's economy increased by 5.8 percent in 2013. This growth was achieved due to the non-oil sector. I believe that the insurance market must continue to contribute to the development of the country's non-oil economy."

"The insurance market has increased six-fold for the last eight years and doubled for the last two years by reaching $543 million in 2013," the minister said.

"The average amount of the insurance premium has also increased from $29 to $59, while net profit of insurers reached $ 84 million," he said.

"The ministry sees toughening the requirements and regulations governing the activity of insurance companies as a necessary and correct action," Sharifov said.

"Toughening the requirements decreases the number of companies on the market," the minister said. "This will make it more efficient."